A new Directive amending the EU's Bank Recovery and Resolution Directive, widely referred to as "BRRD2", has been published in the Official Journal of the European Union....more
Article 55 of the Bank Recovery and Resolution Directive (BRRD) (2014/59/EU) requires Member States to ensure that a bail-in clause is included in agreements containing liabilities of a regulated Member State financial...more
The European Banking Authority and the European Securities and Markets Authority have published a joint statement on the treatment of retail holdings of debt financial instruments under the EU Bank Recovery and Resolution...more
The European Banking Authority has published final Guidelines on the interrelationship between the provisions of the Bank Recovery and Resolution Directive setting out the sequence of write down and conversion and the...more
The European Banking Authority has published final Guidelines on the treatment of shareholders in bail-in under the Bank Recovery and Resolution Directive. The Guidelines are addressed to national resolution authorities and...more
The European Banking Authority has published final Guidelines on the setting of rates of conversion of debt to equity in bail-in under the Bank Recovery and Resolution Directive. The Guidelines are addressed to national...more
On April 5, 2017, the European Banking Authority published three sets of guidelines in relation to the Bank Recovery and Resolution Directive, and in particular, bail-in. The guidelines looked at: a) the interrelationship...more
Private Fund Advisers, Robo-Advisers, ETFs Among SEC, FINRA Exam Priorities for 2017 - As the new year begins, U.S. regulators highlighted the areas – some new and some familiar – which will be the focus of their...more
The European Commission recently announced an extensive package of banking reform proposals. Of particular interest to bank creditors, proposed amendments to the Bank Recovery and Resolution Directive aim to amend the...more
Following the 2008 banking crisis, governments around the world found themselves having to bail out large financial institutions by injecting capital to help those institutions continue to service their debts. In Europe, the...more
A Commission Delegated Regulation outlining the Regulatory Technical Standards on the elements of a business reorganization plan and the minimum contents for reporting progress in the implementation of the plan was published...more
A Commission Delegated Regulation on the valuation of derivatives for the purpose of bailing-in derivative liabilities in the form of Regulatory Technical Standards was published in the Official Journal of the European...more
On August 1, 2016, the Association for Financial Markets in Europe (AFME) published model clauses for the contractual recognition of bail-in for the purpose of satisfying the requirements of Article 55 of the EU Bank Recovery...more
BROKER-DEALER - FINRA Adopts Amendments on Resumption of Trading - The Financial Industry Regulatory Authority has adopted amendments to clarify the operation of the Regulation NMS Plan to Address Extraordinary...more
The global financial crisis hit Europe especially hard, in large part because countries could not let their banking systems fail and the resultant governmental support of troubled banks caused systemic financial stress. The...more
A Commission Delegated Regulation further specifying the circumstances in which exclusion from the application of write-down or conversion powers is necessary under the Bank Recovery and Resolution Directive was published in...more
The European Banking Authority published translations of its Guidelines on business reorganization plans following a bail-in. The Bank Recovery and Resolution Directive requires a firm that has been recapitalized through a...more
From 1 January 2016, all EEA incorporated banks and credit institutions are required to include a term in any non-EEA law governed contract under which they have liabilities, giving contractual recognition of the bail-in...more
Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more
On January 1, 2016, the European Union’s “bail-in” provisions went into effect. The bail-in provisions, authorized under the Bank Recovery and Resolution Directive (BRRD) and implemented by the Single Resolution Mechanism...more